Why “Proof of Ownership” Matters for Home Insurance Claims

Here’s why you should provide proof of ownership when filing home insurance claims.

If you are filing a home insurance claim for your personal property, then it’s important to provide “proof of ownership” for the damaged or lost items.  But why does proof of ownership matter for your homeowners insurance in Lubbock, Texas?  Here’s what you need to know.

What is Proof of Ownership?

Proof of ownership refers to any document that provides information about the items that were lost or damaged in a claim event.  While every home insurance provider will have their own guidelines for what counts as proof of ownership, the following documents are generally accepted:

• Original purchase receipts
• Electronic receipts
• Email receipt/confirmation for online purchases
• Photo of the item
• Bank or credit card statement
• Certificate, evaluation, or appraisal
• Warranty or guarantee document
• Operating manual or packaging

What if You Can’t Provide Proof of Ownership?

Technically, you do not need to provide proof of ownership when informing your home insurer about damaged or lost items.  However, if you cannot provide this proof, then your insurer will base your claim on the average replacement cost of similar products.  If your belonging was higher-quality or more expensive, then the money you receive from the claim will likely be insufficient.

Take Steps to Prepare Proof of Ownership

Because providing proof of ownership is the best way to secure adequate claim coverage, you should do your best to gather this proof ahead of time.  The best way for homeowners to document all their belongings is by creating a detailed home inventory.  Make sure that your inventory includes purchase records of all your items, as well as photo or video documentation of the item in your home.  When you have an updated home inventory at the ready, you can provide proof of ownership for whichever items you are filing a claim for.

This is what you need to know about proof of ownership when it comes to home insurance claims.  Do you have additional questions about your homeowners insurance in Lubbock, Texas?  If so, then contact the experts at Promised Land Insurance.  We are ready to assist you with all your coverage needs today.